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The first government land sale (GLS) plot offered out of the former Keppel Club site received only three bids at a tender that closed on 4 November 2025 (Tuesday). The bid prices were within expectations but property analysts had expected at least five bids for this plum site in The Greater Southern Waterfront region. This Telok Blangah Road GLS land parcel is just a short walk from Telok Blangah MRT (Circle Line) and one stop away from HarbourFront MRT providing excellent connectivity to its future residents.
Kingsford Group placed the top bid of S$918.3 million or about S$1,326 per square foot per plot ratio (psf ppr) for the 99-year leasehold private housing site, which can yield about 745 private homes. The second-highest bid was S$880 million or about S$1,271 psf ppr from a tie-up between GuocoLand and Intrepid Investments and the third bid of S$863.26 million (or S$1,246.49 psf ppr) was from a consortium comprising Frasers Property, Metro Holdings and Soilbuild Group Holdings.
"The tight range of approximately 6% price difference by the top three bidders reflect confidence in the market sentiment for Singapore's real estate in 2027" said Kiwi Lim, Associate Group Director of PropNex Realty.
The Former Keppel Golf Course Site (also referred to as the former Keppel Country Club / Keppel Club site) is launched via the Government Land Sales (GLS) programme and is part of the government’s plan to transform Singapore’s southern coastline under the The Greater Southern Waterfront (GSW) vision.
The GLS land parcel located along Telok Blangah Road is earmarked for private housing and is the first such residential site in this precinct. Being part of the The Greater Southern Waterfront redevelopment means this site is poised to become a major city-fringe, lifestyle-oriented district with waterfront living, jobs and amenities.
The Greater Southern Waterfront, which extends from Pasir Panjang to Marina East, will be transformed into a new major gateway and location for urban living along Singapore’s southern coast. Development will take place in phases, starting with the former Pasir Panjang Power District, Keppel Club and Mount Faber in the next 5 to 10 years.
The last condo project launched in the vicinity was The Reef at King's Dock, a 99 year leasehold - 429 private residential unit waterfront condo along Harbourfront Avenue occupying 284,266 sqft of land space developed by Mapletree Investments and Keppel.
The Reef at King's Dock is steeped in rich history named from its location at King’s Dock, a site that has contributed significantly to Singapore’s position as a maritime hub. When it opened in 1913, the dry dock, located in Keppel Harbour, was declared the second-largest dock in the world.
Besides housing facilities, the deck has the added function of preserving King’s Dock’s marine ecosystem harvesting corals from King’s Dock and transplanted back to the deck where they can be viewed from the marine viewing hammock installed at one end. In addition to the deck, The Reef at King's Dock offers a range of facilities, including function rooms, gym, fitness studio, tennis court, playground and several gardens pavilions, including sky terrace roof gardens.
"Residents at The Reef at King's Dock have access to a floating pool deck — the first of its kind for residential properties in Singapore sitting on a 180m-long pontoon that is moored to the wall. Featuring three interconnected sections housing the condo’s swimming pools, including a 50m lap pool, this one of a kind floating deck in Singapore is truly an engineering feat" said Kiwi Lim who also owns a unit there.
Source: Edgeprop
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The 111,934 sq ft site in Dorset Road can yield about 425 private homes. GRAPHIC: DAVID LI, BT
A top bid by a joint venture (JV) between UOL, SingLand and Kheng Leong were submitted at $1,338 psf per plot ratio (ppr) or $ 524.3 million for a government land sale (GLS) site located at Dorset Road which closed on 9 Oct 2025. If the site is awarded to the JV, they will develop it into a 428-unit project comprising two 27-storey residential towers.
The recent jubilee of amazingly strong sales at the recent private residential condo project launches and an attractively located city-fringe site resulted in an impressive nine bids received for the 99-year leasehold Dorset Road land plot near Farrer Park MRT station. The top offer of S$524.3 million, or S$1,338 per square foot per plot ratio (psf ppr) is towards the upper end of the S$1,000 to S$1,400 psf ppr forecast by property analysts.
Besides having Farrer Park MRT station nearby, the upcoming private residential condo project is also within walking distance to City Square Mall and close to a wide range of amenities, such as Mustafa Centre, Centrium Square, Bugis Junction, Jalan Besar Sports Centre and Singapore Sports Hub. There are also numerous F&B establishments in the neighborhood as well as proximity to St Joseph Institution Junior and Hong Wen School.
The Dorset Road GLS land plot was the only land parcel site within the fringe of CCR region from the GLS Confirmed List sites for 2025.
The second-highest bid was submitted by a consortium comprising ABR Holdings, LWH Holdings, Macly Group, Roxy-Pacific Holdings and Wee Hur Holdings, who put in a $518.88 million (or $1,324 per square foot per plot ration (psf ppr)) bid. They were followed by Hoi Hup, which submitted a $515.18 million ($1,315 per square foot per plot ration (psf ppr)) bid.
The strong bidding turnout from nine developers for this GLS site indicates improved developer confidence, supported by the healthy sales results of recent new condo launches in Singapore and the site’s appealing city fringe location surrounded by amenities. The submitted bidding prices also indicate that the winner paid the right market price for this land plot given that the price difference between the top three bids is around 2%, said Kiwi Lim, Associate Group Director of PropNex Realty. "Many developers are also running low on their land banks for developing new condo projects".
With the Farrer Park MRT station (North-East Line) nearby, these condo projects including the recent government land sale (GLS) site at Dorset Road is just two stops from Dhoby Ghaut MRT station, an interchange for three lines, namely Northeast, North-South and Circle Lines. Residents enjoy a short train ride to Orchard Road and the CBD, as well as a short drive via the Central Expressway or Pan Island Expressway.
Kiwi Lim, Associate Group Director of PropNex Realty mentioned there were previously two other 99-year leasehold private residential condo projects launched nearby - Uptown @ Farrer and Piccadilly Grand which were both already sold out. Uptown @ Farrer is a condo project on Perumal Road developed by Low Keng Huat who paid $174 million or approximately $1,000 psf per plot ratio (psf ppr) for the government land sales (GLS) site in January 2017 - the highest of 11 bids received.
"Piccadilly Grand was the other GLS land site on Northumberland Road won by CDL and MCL Land in April 2021 with a bid of $445.9 million or approximately $1,129 psf per plot ratio (psf ppr) - highest of 10 bids submitted at the close of the tender. Owners of Picadilly Grand would be celebrating" said Kiwi Lim, who has been advising clients about the real estate market trends in Singapore for more than a decade.
From Edgeprop & Business Times
